Appointment of managing director: Board approval required; tenure limits, eligibility restrictions and removal procedures govern the office. Appointment, renewal and termination of the managing director require prior approval of the Board; depositories must set qualifications, selection procedure and terms subject to Board guidelines. The managing director's tenure is between three and five years. Disqualifications bar shareholders, associates, depository participants and concurrent positions in subsidiaries or associated entities (except non-managing board membership). Removal requires governing board action with the Board's prior approval for failure to follow directions, and the Board may suo motu remove the managing director with a reasonable opportunity to be heard.